A user must supply certain information in order to gain access as well as maintain an account balance within this ecosystem – specifically their name (first and last), date of birth along with any other identifying features. These details help them keep track of who’s buying what from whom when there’s no physical presence present at the time transactions happen between traders inside digital markets!
What is a KYC solution?
The Crypto.com app is powered by Jumio, an online identity verification company that uses biometrics like liveness detection and ID document authentication to confirm someone’s identity.
This is how it works:
A user submits a photo of their government-issued ID card along with a selfie.
Jumio uses over 100 global data sources to determine if the ID is real and valid and if the user is who they say they are.
If everything checks out, the account is verified and the user can start trading!
Is the KYC procedure compulsory?
The KYC procedure is not compulsory, but it is highly recommended in order to take full advantage of the Crypto.com Exchange and all its features.
Without going through KYC, you will still be able to use the app and buy/sell cryptocurrencies. However, your account balance will be capped at $2,000 per day and $10,000 per month.
You will also not be able to withdraw your crypto assets to an external wallet.
So if you’re looking to get the most out of Crypto.com and take full advantage of its features, we recommend going through the KYC process.
Crypto.com Verification Process
The entire process of getting your account verified with Crypto.com should take no more than 10 minutes.
Once you’ve submitted your information, Jumio will verify your identity and unlock your account within minutes.
You will then be able to start trading on the Crypto.com exchange!
If you have any problems or questions during the verification process, Crypto.com has a dedicated customer support team that is always happy to help.
How long does Crypto com take to verify your account?
The entire process of submitting your information and getting verified usually takes less than 5 minutes. However, in some cases, it may take up to 24 hours for Jumio to verify your account.
So there you have it! Now you know how long it takes to get verified on Crypto.com.
The Bottom Line
Crypto.com takes security and compliance seriously, which is why they require all users to go through a formal identity verification process before allowing them to trade on their exchange platform.
This process helps to keep the ecosystem safe and secure for everyone involved.
Allan Meek is a financial content writer. He is 42 years old and has a wife and two kids. Allan is a big fan of the New York Yankees and Dallas Cowboys. He loves to read and spends his free time playing golf or watching sports.